Treasury working on funding for SAA

Finance Minister Tito Mboweni said Treasury is still working on securing the money for the SAA.

CAPE TOWN - Treasury is no closer to securing and providing South African Airways with the R2-billion it needs to keep it afloat.

Speaking at the World Economic Forum, Finance Minister Tito Mboweni said Treasury is still working on securing the money.

Meanwhile, South African Airways said there's no reason to panic.

READ: SAA in limbo as it awaits R2bn bailout 

Spokesperson Tlali Tlali said flights are being consolidated to minimise financial loss.

"The position that we have adopted need to be understood in the context of our effort to avoid a situation where there's a further deterioration of our financial position," he said. 

"When it is clear to us before the aircraft take off that it will be a loss-making flight we have to take steps where ever there are options at our disposal."

South African Airways cancelled some of its local and international flights this week. SAA spokesperson Tlali Tlali says the move is part of the carrier's strategy to minimise financial loss.

Source
eNCA